block – Why does the halving event take place every 4 years?

as the popularity of bitcoin keeps on increasing, wouldn’t more transactions take place daily?

Yes, scaling of Bitcoin is a recognised issue. For people who use Bitcoin as a currency, as its creators intended, the solution is mostly off-chain payment systems such as the Lightning network. For speculators and day traders who treat Bitcoin as nothing other than a speculative asset, the solution is off-chain trading on exchanges. It seems one likely outcome is that use of the blockchain will gradually shift to being mostly closing settlement of off-chain systems.

more and more blocks would be mined every day

Bitcoin code attempts to keep the rate of new blocks at a constant rate of one every 10 minutes. It does this by periodically adjusting the mining difficulty.

In practice the interval can vary greatly from block to block but over a long period the average is close to 10 minutes. Usually it is somewhat less and in some years significantly less. I think in 2010 it may have averaged around 7-8 minutes from memory. Nevertheless, the rate is moderated and doesn’t increase in an unbounded way.

See What keeps the average block time at 10 minutes?


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